If any of your affairs are in your name only, nobody can manage them for you without your written permission. That includes your spouse.
If you were to have an accident that put you into a coma for example or you were to suffer from an illness that affects mental faculties such as dementia, who would be able to pay the mortgage or school fees and other expenses?
By putting a Lasing Power of Attorney in place you can grant people the permission to take on important decisions for you.
However you must not leave it too late. In the interests of protecting vulnerable people, the law can only allow us to put an LPA in place when we are considered to be of sound mind.
By May 2015, the Alzheimers Society calculates that 850,000 people will be living with dementia in the UK. (Alzheimers Society - Dementia 2014 report).
You can also draw up a Personal Welfare Lasting Power Of Attorney to permit your attorneys to make welfare decisions on your behalf, including decisions about life support and the withdrawal of medical treatment.
This short video clip is a good insight into the importance of LPAs: Watch